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Videocon incorporates SPV, Global Energy Inc

August 14, 2007

Videocon Industries has incorporated an SPV, Global Energy Inc., which is a wholly owned subsidiary of the company, to explore for, develop and exploit petroleum block JPDA 06-103 and the export and marketing of that petroleum and all activities. As such, Global Energy Inc., is part of the consortium which was awarded the JPDA 06-103 production sharing contract by the timor sea designated authority.

The participating interest of Global Energy Inc., in the JPDA 06-103 production sharing contract is 25%. JPDA is within the bonaparte basin with estimated 23 Tcf of undiscovered EUR gas reserves. Besides gas, there could be substantial condensate recovery.

In production sharing contract 06-103, leads 103-A and 103-C have been identified with recoverable unrisked potential of 260 million barrels of oil or 1300 BCF gas and 130 million barrels of oil or 571 BCF gas respectively.

In JPDA 06-103 a contract for 1657 sq kms of 3-D data acquisition has been awarded at an estimated cost of $18.6 million. 1055 sq kms of reprocessed 3-D data to the north of the block has already been acquired from Fugro. With this it would facilitate zeroing in on the 4 well locations for the commitment wells included in the minimum work programme. The company’s share in the current work programme is US $ 18.9 million.

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